Successful Sale of 246 East 77th Street in the Upper East Side, Manhattan

Bob Knakal successfully closed the sale of 246 East 77th Street, a four-story multifamily walk-up and development property located in Manhattan’s prestigious Upper East Side. The asset, spanning approximately 13,750 buildable square feet, traded for $2,500,000, reflecting a strong value of $181.82 per square foot.

The transaction demonstrates ongoing investor confidence in the Upper East Side’s residential investment market. This sale presented a rare opportunity for repositioning, redevelopment, or long-term ownership in one of New York City’s most desirable and historically stable neighborhoods.

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Sale Details of 246 East 77th Street

The sale of 246 East 77th Street reflected an ideal match between buyer vision and market timing. The buyer, Senior Living Options (Gilbridge), recognized the property’s development flexibility and long-term potential for adaptive reuse, while the seller, Gary Brown, achieved a strong return through expert representation and targeted marketing.

Key Sale Highlights:

• Sale Price: $2,500,000
• Price per SF/BSF: $181.82
• Buyer: Senior Living Options (Gilbridge)
• Seller: Gary Brown
• Asset Type: Development, Multifamily Walk-Up
• Date Closed: January 7, 2002

Property Highlights:

• Building Type: Four-story multifamily walk-up
• Units: 8 residential apartments
• Lot Dimensions: 25 x 100 feet
• Buildable Area: Approximately 13,750 square feet
• Use Potential: Ideal for redevelopment, repositioning, or senior housing conversion

Prime Property Features and Investment Appeal

Positioned between Second and Third Avenues, 246 East 77th Street enjoys a highly desirable location within the Lenox Hill section of the Upper East Side. The property consists of three adjoining buildings combined into one 25-foot-wide walk-up, offering investors a rare balance between current income and future redevelopment potential.

Property Specifications:

• Address: 246 East 77th Street, New York, NY 10075
• Stories: 4
• Units: 8 residential apartments
• Lot Size: 25 x 100 feet
• Buildable Square Footage: 13,750 SF
• Zoning: Flexible for continued multifamily use or redevelopment

This property offered investors an excellent entry point into the Upper East Side market, providing stability through existing rentals while holding long-term upside in redevelopment potential—particularly appealing to developers and senior housing operators.

Strategic Market Positioning by Bob Knakal

At the time of sale, Manhattan’s residential investment market was characterized by limited inventory and sustained demand for smaller multifamily buildings. Bob Knakal’s marketing strategy emphasized the property’s unique dual value proposition: secure, income-producing apartments with the potential to reposition into a higher-value asset.

By highlighting redevelopment flexibility, long-term neighborhood stability, and favorable zoning, Knakal positioned 246 East 77th Street as a rare investment opportunity in an area where walk-up buildings seldom trade publicly. His data-driven marketing approach ensured maximum exposure and optimal results for the seller.

Why the Upper East Side Remains a Premier Manhattan Investment Market

The Upper East Side is synonymous with prestige, architectural charm, and consistent demand. Known for its quiet, tree-lined streets and proximity to Central Park, the neighborhood continues to attract high-income residents, investors, and developers alike.

Neighborhood Highlights:

• Proximity to Central Park: Located just steps away, offering green space and outdoor recreation year-round.
• Cultural Landmarks: Close to The Metropolitan Museum of Art, The Frick Collection, and Museum Mile.
• Upscale Retail and Dining: Madison Avenue boutiques and the vibrant Second Avenue corridor cater to a luxury lifestyle.
• Transit Access: Served by the Q and 6 subway lines, providing convenient connections to Midtown and Downtown Manhattan.

In-Depth Local Insight:
The Upper East Side’s Lenox Hill submarket, in particular, remains one of the city’s most stable and high-value residential zones. Its blend of historic architecture, quiet ambiance, and strong community services continues to drive both local and international buyer demand—making it a cornerstone of Manhattan’s multifamily investment landscape.

Conclusion: Strategic Success in Manhattan’s Multifamily Market

The $2.5 million sale of 246 East 77th Street reflects Bob Knakal’s proven ability to deliver strategic results across all asset classes in New York City. Through a combination of market insight, investor targeting, and skilled negotiation, Knakal achieved exceptional value for the seller while positioning the buyer for long-term success.

This transaction reinforces Bob’s reputation for helping clients unlock the full potential of their properties—whether through redevelopment, repositioning, or long-term portfolio growth.

Client Testimonial:

“Bob, thanks for doing such a great job for us. We couldn’t be happier with the results you produced!”
– Gary Brown

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Frequently Asked Questions About the Sale of 246 East 77th Street

Q1: What type of property is 246 East 77th Street?
246 East 77th Street is a four-story multifamily walk-up building consisting of eight residential units. It sits on a 25 x 100-foot lot and features approximately 13,750 buildable square feet, offering strong potential for redevelopment or continued multifamily use.

Q2: What was the total sale price and price per square foot?
The property sold for $2,500,000, translating to approximately $181.82 per buildable square foot—a strong valuation for its size and location at the time of sale.

Q3: Who were the buyer and seller in the transaction?
The buyer was Senior Living Options (Gilbridge), an organization focused on adaptive residential development. The seller was Gary Brown, who achieved a successful outcome through Bob Knakal’s representation.

Q4: Why was this property appealing to investors?
Its combination of stable rental income, prime Upper East Side location, and redevelopment flexibility made it an attractive acquisition. The property’s zoning and configuration allowed for potential repositioning into luxury apartments, a boutique condo, or senior living conversion.

Q5: Where is 246 East 77th Street located, and why is the location valuable?
The property is located between Second and Third Avenues in the Lenox Hill section of the Upper East Side. The area is one of Manhattan’s most established and prestigious neighborhoods, offering access to top schools, parks, cultural institutions, and luxury retail.

Q6: How does this sale reflect broader market trends in the Upper East Side?
This sale underscores the Upper East Side’s long-term investment strength. Even in transitional market periods, properties east of Third Avenue continue to perform well due to high demand, limited supply, and enduring tenant appeal.

Q7: What was Bob Knakal’s strategy in positioning this property?
Bob Knakal leveraged his deep understanding of submarket dynamics to highlight the property’s dual advantages—immediate income and redevelopment potential. His data-driven marketing and targeted outreach to qualified investors resulted in a competitive sale process and optimal pricing.

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